Dallas, Valdez, and Wagman are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Dallas $41,000; Valdez, $32,000; and Wagman, $22,000. The profit-and-loss- sharing ratio has been 2:2:1 for Dallas, Valdez, and Wagman, respectively. The partnership has $73,000 cash, $48,000 non-cash assets, and $26,000 accounts payable. Requirements 1. Assuming the partnership sells the non-cash assets for $57,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. 2. Assuming the partnership sells the non-cash assets for $18,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners.